Enphase Energy beats by $0.01, misses on revs; guides Q4 revs sharply below consensus (96.18 +1.83)
- Reports Q3 (Sep) earnings of $1.02 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $1.01; revenues fell 13.2% year/year to $551.08 mln vs the $565.75 mln FactSet Consensus.
- Total revenue for the third quarter of 2023 was $551.1 million, compared to $711.1 million in the second quarter of 2023. Due to macroeconomic conditions, our revenue in the United States for the third quarter of 2023 decreased approximately 16%, compared to the second quarter of 2023. Our revenue in Europe decreased approximately 34%, compared to the second quarter of 2023 due to high inventory at our distribution partners along with a softening in demand in our key markets -- the Netherlands, France, and Germany.
- Co issues downside guidance for Q4, sees Q4 revs of $300-$350 mln vs. $578.94 mln FactSet Consensus.
- Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit and 40.0% to 43.0% before net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
- Non-GAAP operating expenses to be within a range of $85.0 million to $89.0 million, excluding $57.0 million estimated for stock-based compensation expense and acquisition related expenses and amortization.